EquityPandit’s Outlook for CNX Pharma for the week (August 24, 2015 – August 28, 2015):

CNX PHARMA:

CNX PHARMA index closed the week on positive note gaining more than 2%.

As seen from the chart the index has been facing the resistance around the rising channel pattern in which the index is moving since the month of June – 2015.

The index has formed the bearish pattern on daily charts on 20/08/2015 and 21/08/2015 around the upper end of the channel pattern.

So next week we can expect the index to consolidate or correct. If the index manages to close above the levels of 13750 the index can move to the levels of 14000.

If the index broke below the levels of 13100 the index can move to the levels of 12500 where the lower end of the upper moving channel is positioned.

Support for the index lies in the zone of 12500 to 12700 where short term moving averages and 100 Daily SMA are lying.

Resistance for the index lies in the zone of 13750 where trend-line resistance is positioned.

Broad range for the index is seen from 12700 to 13000 on downside to 13800 to 14100 on upside.